BlockBeats News, January 24th. The U.S. Securities and Exchange Commission (SEC) submitted court documents on Friday local time, deciding to dismiss its lawsuit against the cryptocurrency exchange Gemini. The SEC stated that with Gemini Earn users having reclaimed 100% of their assets through the Genesis bankruptcy process, the lawsuit was no longer necessary to pursue.SEC sued Gemini and Genesis Global Capital in 2023, alleging that they sold unregistered securities through Gemini's yield-generating Earn product. The product suspended withdrawals after the 2022 FTX collapse and crypto market downturn, leading to regulatory intervention.Documents show that the SEC has reached a settlement with Gemini, confirming that investors have achieved a "100% make-whole remedy," pending formal approval by a federal judge. Previously, Genesis settled with the SEC agreeing to pay a $21 million fine, and Gemini has also settled with the New York State regulatory agency.This case is one of more than a dozen cryptocurrency-related lawsuits that the SEC has dismissed in the past year. SEC Chairman Paul Atkins stated last year that the regulatory agency would issue new guidance on digital assets to clarify which products fall under the securities category.

#SEC